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Multiple bills with the potential to adversely impact the Marketplaces Industry are currently moving through the California State Legislature. ICSC and the California Business Properties Association (CBPA) are working to oppose these measures.
SB 789: Statewide Vacancy Tax on Commercial Real Estate
SB 789 proposes a statewide vacancy tax on commercial real estate, imposing a $5 per square foot tax on properties deemed “vacant.” While intended to address commercial vacancies, the bill would have serious unintended consequences for property owners, businesses and local governments.
SB 789 will be heard in the Senate Revenue and Taxation Committee on Wednesday, April 23. California residents are encouraged to contact their state senators to urge them to oppose SB 789. Click here for more information and instructions on how to take action.
SB 522: Mixed-Use Investment Deterrent
SB 522 would amend the Costa-Hawkins Rental Housing Act, with a focus on maintaining rent control for properties rebuilt after being destroyed by disasters such as wildfires or earthquakes.
CBPA CEO Matthew Hargrove testified in opposition to SB 522 in early April in the Senate Judiciary Committee, joining the California Apartment Association in raising concerns. Hargrove emphasized that while the bill targets residential units, its impacts will ripple through mixed-use developments, discouraging much-needed reinvestment in properties that combine housing and commercial space. Hargrove warned that removing critical exemptions will undermine recovery efforts in fire-impacted communities, jeopardizing both housing and job restoration.
AB 246: LA Rent Control Bill Amended, Under Review
AB 246, which originally proposed an extreme rent control measure for Los Angeles County, remains a serious threat to property owners. The bill seeks to impose a 3% rent cap through March 1, 2026, on residential units in Los Angeles County occupied before January 7, 2025, severely limiting property owners' ability to respond to rising costs and market conditions. ICSC and CBPA have advocated against this bill since its introduction.
For more information contact gpp@icsc.com.